Ultimately, the program will provide financing to low-income individuals or people who wouldn't otherwise qualify for financing because of income limitations, down payment requirements and other considerations.
Recipient eligibility is based on 80 percent of the median income for the area, adjusted family size and property location, as well as lending criteria established by the sponsors' guidelines.
There are currently eight sponsors consisting of five nonprofits and three regional housing authorities.
Combined, they will administer about $16.5 million in loans to 550 borrowers.
Each sponsor is limited to an annual application amount of $625,000.
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